At THEOS, we’ve been working hard to deliver new updates to our platform. We know many of our users have been looking forward to further exploring the possibilities of our features.
Now is the time to share one of our latest updates:
THEOS is glad to announce the first version of its Auctions feature!
Until recently, users only had access to listing their newly minted NFTs to our marketplace at a specific price. Minters listed all kinds of creative tokens, from word-wall screenshots to Urban dance videos, rock music singles, and even ramen still-pics. All of these were listed in THEOS’s marketplace with the option to sell at a fixed price. Now, we’re ready for the next phase of NFT sales within our platform: Auctions.
With the first version of the Auctions feature, THEOS minters will now have the chance to discover the market price for their NFTs. Even more, minters could find new ways to experiment with Auctions as best as they find suitable, building momentum before they drop their work or announcing when the Auction is over can seriously make the difference for creators looking to engage with their community on another level.
How it works:
If you’re an Auctioneer…
Before you get started, make sure that the NFTs you’d like to create an Auction for are not submitted to pools. If it were the case, you’d be asked to remove the submissions and continue with the listing process.
- Whether you’re listing an NFT from your profile, the NFT detail of your tokens, or you just finished a minting flow, go ahead and click the “List in marketplace” button.
- Here you’ll be offered two listing options, “Fixed price” or “Timed Auction.” Select the latter.
- The following screen will show you several options where you’ll be asked to fill in the details of your Auction (expiration date, starting price, and an optional reserve price). Once that is complete, click on “List Auction.”
- Now, the final check. Before moving forward, make sure you understand THEOS’s Auction rules:
- Once Auctions receive bids, they can’t be modified, only canceled.
- Auctioneers can take the highest bid of the Auction at any point during the set timeframe.
- Once the Auction timeframe is over, the Auctioned NFT(s) will automatically belong to the highest bidder whether the reserve price was met or not. If the reserve price wasn’t met, Auctioneers must confirm that the NFT belongs to the highest bidder within five days.
- With all of the clear, click on “List Auction.”
Congratulations! Now speculators, fans, and enthusiasts will do the rest.
If you’re a bidder…
Before you get started, check that the amount of the bid you plan to place remains in your wallet throughout the timeframe of the Auction you take place in to prevent interrupting the bidding process.
- Once you’ve connected your wallet, as a bidder you’re most likely going to come across Auctions through THEOS’s marketplace or the profiles of THEOS Auctioneers.
- The state of Auctions gets updated upon the bids placement; The price of the top bid and the top bidder is disclosed. If there were a set reserve price, bidders will also know if the reserve price has been met or not.
- Either way, you’ll be ushered to a screen with a placeholder where you’ll be asked to set the bid for the Auction. Here you’ll be required to submit a bid that is at least 5% higher than the latest submitted. Then click the “Place bid”.
3. Before you move forward you’ll be asked to check the bidding rules. Know that:
- The bid can not be canceled
- To keep your bid active, you need to keep the amount of your bid in your address at least until the Auction is closed.
- Once you’ve got this clear, click “Place a bid.”
4. You’re all set! If your bid were to be the highest of the Auction you’re most likely taking the NFT with you.
A few things to keep in mind:
- If Auctions have no bids at all, the Auction gets canceled.
- Bidders never see the reserved price; all they get to see is if it’s been reached and by who.
- Auctioneers can unlist their NFTs from the Auction if there aren’t any bids placed.
- Remember, Auctioneers can take the highest bid of the Auction at any point during the set timeframe, ending the Auction with the sale.
- If the Auction’s reserve price isn’t met by the end of the set time frame, the highest bid is automatically granted the opportunity to buy the NFT. Auctioneers have five days to confirm the Auction’s sale to the highest bidder or cancel the sale.
- The Auction payout funds are transferred to the Auctioneer minus the 2% THEOS fee.
With all of that said, we encourage all of our THEOS community to check out the first version of THEOS Auctions. Whether you’re creators, enthusiasts, or simply curious newcomers, know that at THEOS we are more than open to providing the best service possible to our community and are constantly on the lookout for new developments to enhance the THEOS experience better; feel free to give feedback and let us know what you think!
At THEOS, we envision a new way of thinking, minting, and trading NFTs, and have developed what we believe will become the next-generation community-governed NFT platform.
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